The Plight of the Teen

Our government dished it out to the teens once again--by passing minimum wage legislation a couple months ago. Did you miss that news? No big deal, you say?

Well, economists anticipated the impact. It was a job killing bill.

This bill accelerated the job losses for Americans--particularly teens.

In the year ending in July, 10.6% of the decline in civilian employment was due to teenagers. In the two months since the minimum wage hike, teenagers have accounted for 23.3% of the drop in employment.

I invite you to consider what famed economist Milton Friedman thought about minimum wage laws.




I come away with two personal conclusions from Friedman's interview:

1. Special interest groups still hold sway in the US regarding minimum wage laws.

2. "Do gooders" in Congress continually fail to learn valuable lessons from history.